Verdicts genuinely change. Free email alert the moment EWK's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
iShares MSCI Belgium ETF ETF · iShares, Inc.
44 holdings · as of 2026-05-31 (4.4 months ago) The fund may have traded since. SEC Form N-PORT is filed quarterly and lags the period it covers, so these are the most recent holdings on file, not the fund’s holdings today.
NON-COMPLIANT At least 26.51% of portfolio weight is in non-compliant holdings — already over the 5% threshold, so the verdict is settled whatever the unmatched 40% turns out to be. Matching more holdings can only raise this share, never lower it.
44 holdings, 32 matched (60% of weight). Portfolio as of 2026-05-31, filed 2026-07-27. Source: SEC Form N-PORT.
1.47% of this portfolio’s income is non-permissible — weighted across holdings, computed over 46% of portfolio weight (31 of 44 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
Portfolio shares are withheld: coverage is below the floor needed to state one. The holdings themselves are below, because the names are evidence you can check.
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| ANHEUSER-BUSCH INBEV SA | UNSCREENED | 21.98% | no in-house ratios for this holding |
| ARGX argenx SE | COMPLIANT | 13.86% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| UCB.BR UCB SA | COMPLIANT | 8.89% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| KBC GROEP NV | UNSCREENED | 4.43% | no in-house ratios for this holding |
| AGEAS SA | UNSCREENED | 4.19% | no in-house ratios for this holding |
| AED.BR AEDIFICA NV | NON_COMPLIANT | 2.99% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| GROEP BRUSSEL LAMBERT NV | UNSCREENED | 2.89% | no in-house ratios for this holding |
| ACKB.BR ACKERMANS & VAN HAAREN NV | NON_COMPLIANT | 2.84% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| ELIA GROUP SA | UNSCREENED | 2.67% | no in-house ratios for this holding |
| UMI.BR UMICORE SA | NON_COMPLIANT | 2.53% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| SYENS.BR SYENSQO NV | NON_COMPLIANT | 2.21% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| LOTB.BR Lotus Bakeries NV | COMPLIANT | 2.20% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| Financiere de Tubize SA | UNSCREENED | 2.13% | no in-house ratios for this holding |
| WPHB.F WAREHOUSES DE PAUW NV | NON_COMPLIANT | 2.06% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| DIE.BR D'IETEREN GROUP SA | COMPLIANT | 1.81% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| SOF.BR SOFINA SA | NON_COMPLIANT | 1.75% | AAOIFI14.8% Usmani10.7% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic10.7% MSCI Islamic M-Seriesfail FTSE Shariah10.7% |
| KBCA.BR KBC ANCORA NV | COMPLIANT | 1.65% | AAOIFI1.4% Usmani2.8% Dow Jones Islamic— S&P Shariah— MSCI Islamic2.8% MSCI Islamic M-Series— FTSE Shariah2.8% |
| CMBT.BR CMB.TECH NV | NON_COMPLIANT | 1.23% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| MELE.BR Melexis NV | COMPLIANT | 1.19% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| SOLB.BR SOLVAY SA | NON_COMPLIANT | 1.10% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| FAGR.BR FAGRON NV | COMPLIANT | 1.06% | AAOIFIpass Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| AZE.BR AZELIS GROUP NV | NON_COMPLIANT | 1.03% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| DEME.BR DEME GROUP NV | COMPLIANT | 0.98% | AAOIFI27.5% Usmani22.3% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic19.9% MSCI Islamic M-Seriesfail FTSE Shariah19.9% |
| BEKB.BR Bekaert NV | NON_COMPLIANT | 0.97% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| MONT.BR MONTEA NV | NON_COMPLIANT | 0.87% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| VGP.BR VGP NV | NON_COMPLIANT | 0.86% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| GIMB.BR GIMV NV | NON_COMPLIANT | 0.86% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| XIOR.BR XIOR STUDENT HOUSING NV | NON_COMPLIANT | 0.80% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Colruyt Group NV | UNSCREENED | 0.79% | no in-house ratios for this holding |
| RET.BR RETAIL ESTATES NV | NON_COMPLIANT | 0.77% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| PROX.BR PROXIMUS NV | NON_COMPLIANT | 0.76% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| RECT.BR RECTICEL SA | COMPLIANT | 0.65% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| SHUR.BR SHURGARD SELF STORAGE LIMITED | NON_COMPLIANT | 0.65% | AAOIFI74.2% Usmani25.3% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic23.4% MSCI Islamic M-Seriesfail FTSE Shariah23.4% |
| LKFT.AS Lakefront Biotherapeutics NV | NON_COMPLIANT | 0.64% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| EURO | UNSCREENED | 0.58% | no in-house ratios for this holding |
| TESB.BR TESSENDERLO GROUP NV | COMPLIANT | 0.53% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| KIN.BR KINEPOLIS GROUP NV | NON_COMPLIANT | 0.53% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| BAR.BR BARCO NV | NON_COMPLIANT | 0.50% | AAOIFIfail Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahpass |
| VASTB.BR Vastned NV | NON_COMPLIANT | 0.35% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| COFINIMMO SA | UNSCREENED | 0.33% | no in-house ratios for this holding |
| ONTEX.BR ONTEX GROUP NV | NON_COMPLIANT | 0.22% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| BlackRock Funds III: BlackRock Cash Funds: Institutional; SL Agency Shares | UNSCREENED | 0.17% | no in-house ratios for this holding |
| BlackRock Funds III: BlackRock Cash Funds: Treasury; SL Agency Shares | UNSCREENED | 0.07% | no in-house ratios for this holding |
| MICRO EURO STOXX JUN26 | UNSCREENED | 0.02% | no in-house ratios for this holding |
The published standards disagree about this fund by 7 points of portfolio weight — 20.3% of it passes FTSE Shariah, 13.5% passes MSCI Islamic M-Series. Which number is yours depends on which standard you follow.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 19.0% ratios fail on 26.5% 54.1% not rated under AAOIFI
ratios pass on 20.1% ratios fail on 23.7% 55.8% not rated under Usmani
ratios pass on 15.8% ratios fail on 28.0% 55.8% not rated under Dow Jones Islamic
ratios pass on 14.0% ratios fail on 29.9% 55.8% not rated under S&P Shariah
ratios pass on 19.8% ratios fail on 24.0% 55.8% not rated under MSCI Islamic
ratios pass on 13.5% ratios fail on 30.4% 55.8% not rated under MSCI Islamic M-Series
ratios pass on 20.3% ratios fail on 23.5% 55.8% not rated under FTSE Shariah
32 of 44 listed holdings carry our own per-methodology verdicts (59% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 4 (5% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| AED.BR AEDIFICA NV | 2.99% |
| ACKB.BR ACKERMANS & VAN HAAREN NV | 2.84% |
| UMI.BR UMICORE SA | 2.53% |
| SYENS.BR SYENSQO NV | 2.21% |
| WPHB.F WAREHOUSES DE PAUW NV | 2.06% |
| SOF.BR SOFINA SA | 1.75% |
| CMBT.BR CMB.TECH NV | 1.23% |
| SOLB.BR SOLVAY SA | 1.10% |
| AZE.BR AZELIS GROUP NV | 1.03% |
| BEKB.BR Bekaert NV | 0.97% |
Methodology breakdown computing — it will appear here on its own.
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
The factors behind the read, each shown with the figure it rests on, including the ones pointing the other way.
iShares MSCI Belgium ETF (EWK) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
Still fetching analyst coverage — it ran past this page's budget, so the page painted without waiting. The fetch is still running; reload in a moment and it will be here.
Computing the full ratio and business-activity breakdown for EWK — this runs off the critical path so the page paints first. It will appear here on its own.
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
Classic floor-trader pivots from the last completed daily bar. Highlighted pills are the levels bracketing the current price.
The range is measured volatility (ATR over the horizon), not a target — a wider band means a more volatile asset, not a stronger view. The direction is the indicator tally below. Every forecast is recorded when made and scored against the real price when it comes due, including the wrong ones. Not a recommendation, and not a fatwa.
Standard indicator thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20, MACD histogram sign, price vs. average) computed on daily bars. A summary of what common indicators say — not a recommendation, and not this site's own trading verdict.
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 33.30 | NEUTRAL |
| Stochastic %K (14) | 22.05 | NEUTRAL |
| CCI (20) | -81.23 | NEUTRAL |
| Williams %R (14) | -77.95 | NEUTRAL |
| MACD (12,26,9) | -0.07 | SELL |
| ROC (10) | -3.75 | SELL |
| Momentum (10) | -0.98 | SELL |
| EMA (10) | 25.42 | SELL |
| SMA (10) | 25.30 | SELL |
| EMA (20) | 25.85 | SELL |
| SMA (20) | 26.00 | SELL |
| EMA (30) | 26.12 | SELL |
| SMA (30) | 26.42 | SELL |
| EMA (50) | 26.38 | SELL |
| SMA (50) | 26.75 | SELL |
| EMA (100) | 26.38 | SELL |
| SMA (100) | 26.71 | SELL |
| EMA (200) | 25.77 | SELL |
| SMA (200) | 26.00 | SELL |
The fund generally will invest at least 80% of its assets in the component securities of its underlying index and in investments that have economic characteristics that are substantially identical to the component securities of its underlying index. The index is designed to measure the performance of the large-, mid- and small-capitalization segments of the equity market in Belgium. The fund is non-diversified.
Background via Yahoo Finance — informational, not part of the verdict.
Average — needs more confirmation before sizing up
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
| Timeframe | Bias | Bars |
|---|---|---|
| 📅 Daily | BEARISH | 42 |
| ⏰ 4H | BEARISH | 15 |
| 🕐 1H | RANGING | 60 |
| ⏱ 15-Min | BEARISH | 130 |
| ⏲ 5-Min | RANGING | 234 |
Rate of change and relative volume against this symbol's own recent history. Momentum describes what price has done; it is not a claim about what it will do.
How the rest of the sector moved over the same window. Context for a price move, never a cause of one.
Peer movement computing — it will appear here on its own.
The questions worth asking about any verdict on this page, answered plainly.
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Insider transactions reported in the last ninety days. Insiders sell for reasons that have nothing to do with a view, so a sale on its own is not a signal.
NO DATA 0 buys · 0 sells
The weekly CFTC Commitments of Traders report for the broad market it tracks, not for this symbol. Positioning context for the tape — it says nothing about this company.
NEUTRAL report date 2026-10-06 · Asset managers net 906615 (+2612)
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.